East Value Research (report 7 May 2024)
– Share price target: PLN 9.62
– Current share price: PLN 4.00 (13 May 2024)
– Upside potential: +140% (i.e. 2.4x)
EBITDA:
– €21.6m (full year 2023)
– €25.4m (full year 2024) = +31% yoy
Net income:
– Loss of €23.8m (full year 2023) [includes €38.3m loss on revaluation of assets]
– Profit of €9.42m (full year 2024)
Book value of equity:
– €170.2m (31 December 2022)
– €121.9m (31 December 2023) [after €38.3m loss on revaluation of assets and €27.6m decrease in FX translation reserve]
P/E:
– Earnings per share: € 0.174 = PLN 0.75 (full year 2024)
– Current share price: PLN 4.00
– P/E 5.3x
P/BV
– BV per share: € 2.26 = PLN 9.71 (31 December 2023)
– Current share price: PLN 4.00
– P/BV 0.41x